ETH may soon hit a new ATH after ETH reserves on centralized exchanges fell by 27% in 2 days

Alex Saunders, founder & CEO of Nuggets News says the decline in Ether reserves had escalated by a further 20% leading him to suggest that centralized platforms may run out of ETH in the next 48 hours.

The amount of Ether held on exchanges has plunged over the past two days, with CryptoQuant data indicating that just 8.1 million ETH is currently sitting in the reserves of centralized exchanges.

Data from Glassnode indicates that Ether reserves on centralized exchanges have not been this low since July 2018. As of this writing, only 7% of Ether’s circulating supply is held on exchanges.

Another trader on Twitter, named Blake replied to the tweet of Saunders that Glassnode it appears that eth is making its way back onto exchanges in order to dump on retail.

“In addition if you look at the current order book on a place like Binance for example I still get the vibe this is a dump on retail not a supply shortage could be wrong Ethereum”. He added.

Source: @glassnodealerts

According to Glassnode, ETH active supply 1w-1m (1d MA) just reached a 2-year high of 9,016,529.768 ETH. Previous 2-year high of 9,015,061.263 ETH was observed on 19 July 2019.

According to crypto market data aggregator IntoTheBlock, Ether is currently exhibiting numerous bullish signals, including a bid-to-ask volume imbalance of almost 9%.

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